Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms

Bullnheimer B, Dawid H, Zellner R (1998)
4(3): 267-282.

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n this paper we study the adaptive behavior of firms which repeatedly have to make a production decision. In a single good market the firms use own experience as well as information gathered by observing competitors to iteratively choose a production technology out of a given set. The adaptive learning of the firms is described in a dynamic model and analyzed in a simulation framework. We show that a small but positive propensity to imitate is optimal for the firms and yields production efficiencies above 95% of the maximal value. Furthermore, we observe that in a competitive situation firms using optimal propensities to imitate outmatch pure imitators and nonimitators in production efficiency as well as in profits.
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Bullnheimer B, Dawid H, Zellner R. Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms. 1998;4(3):267-282.
Bullnheimer, B., Dawid, H., & Zellner, R. (1998). Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms. 4(3), 267-282.
Bullnheimer, B., Dawid, H., and Zellner, R. (1998). Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms. 4, 267-282.
Bullnheimer, B., Dawid, H., & Zellner, R., 1998. Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms. , 4(3), p 267-282.
B. Bullnheimer, H. Dawid, and R. Zellner, “Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms”, vol. 4, 1998, pp. 267-282.
Bullnheimer, B., Dawid, H., Zellner, R.: Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms. 4, 267-282 (1998).
Bullnheimer, B., Dawid, Herbert, and Zellner, R. “Learning from Own and Foreign Experience: Technological Adaptation by imitating Firms”. 4.3 (1998): 267-282.
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